Mortgage Market Slows to Steady Pace | Auckland News

Mortgage lending is cooling down after a burst of growth, hitting its slowest pace in three years — but don’t panic: homebuyers are still active, especially first-time buyers who make up 70% of low-deposit loans. Rates have ticked up, investors are holding back, and interest-only loans are at their lowest in over a decade. Yet, only 0.6% of loans are in trouble, thanks to tighter bank checks and stable employment for recent borrowers. Meanwhile, a huge shift is underway: more than half of new loans now lock in fixed rates for over a year — a direct response to the Reserve Bank’s rate hike signals — and existing borrowers are actively shopping around, switching lenders en masse. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/9469e80f026488f9